Royal Bank Of Canada Cuts Advance Auto Parts (NYSE:AAP) Price Target to $57.00

Advance Auto Parts (NYSE:AAP) had its target price cut by Royal Bank Of Canada from $60.00 to $57.00 in a research note released on Wednesday morning, MarketBeat reports. They currently have a sector perform rating on the stock.

Several other research firms have also weighed in on AAP. BMO Capital Markets reaffirmed a “market perform” rating and issued a $55.00 target price on shares of Advance Auto Parts in a report on Friday, October 31st. Northcoast Research upgraded shares of Advance Auto Parts from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, January 21st. Evercore dropped their price objective on shares of Advance Auto Parts from $58.00 to $56.00 and set an “in-line” rating for the company in a report on Tuesday, December 16th. TD Cowen cut their target price on shares of Advance Auto Parts from $62.00 to $46.00 and set a “hold” rating for the company in a research note on Tuesday, January 20th. Finally, Citigroup raised Advance Auto Parts from a “hold” rating to a “buy” rating in a report on Wednesday, January 21st. Three research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $50.98.

Advance Auto Parts Trading Up 4.7%

Shares of AAP opened at $55.43 on Wednesday. The stock has a 50 day simple moving average of $45.37 and a 200-day simple moving average of $52.50. Advance Auto Parts has a 1 year low of $28.89 and a 1 year high of $70.00. The stock has a market cap of $3.33 billion, a PE ratio of -8.81 and a beta of 1.14. The company has a current ratio of 1.73, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

Insider Buying and Selling at Advance Auto Parts

In related news, EVP Kristen L. Soler sold 7,662 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $51.00, for a total value of $390,762.00. Following the completion of the transaction, the executive vice president owned 23,165 shares in the company, valued at $1,181,415. The trade was a 24.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.35% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Advance Auto Parts

A number of institutional investors and hedge funds have recently made changes to their positions in the company. REAP Financial Group LLC bought a new position in Advance Auto Parts in the second quarter valued at about $26,000. Salomon & Ludwin LLC bought a new stake in Advance Auto Parts during the 3rd quarter worth about $26,000. Caitong International Asset Management Co. Ltd acquired a new position in Advance Auto Parts during the 3rd quarter valued at about $31,000. AlphaCore Capital LLC boosted its stake in shares of Advance Auto Parts by 6,288.9% in the 3rd quarter. AlphaCore Capital LLC now owns 575 shares of the company’s stock valued at $35,000 after purchasing an additional 566 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Advance Auto Parts by 290.3% in the 2nd quarter. Smartleaf Asset Management LLC now owns 925 shares of the company’s stock valued at $43,000 after purchasing an additional 688 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

Advance Auto Parts Company Profile

Advance Auto Parts, Inc (NYSE: AAP) is a leading distributor of automotive aftermarket parts, accessories, and maintenance items. The company operates a network of stores and distribution centers across North America, serving both do-it-yourself (DIY) customers and professional service providers. Advance Auto Parts focuses on offering a comprehensive selection of replacement parts, batteries, engine components, and performance products for cars and light trucks.

The company’s product portfolio includes engine oils and lubricants, cooling system components, brake and suspension parts, filters, belts, hoses, and diagnostic tools.